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The GL Company Presents. 7 Steps to Financial Integrity. Presented by:. James Taylor Account Manager The GL Company Australasia. Financial Integrity. Ensuring that financial information accurately reflects the underlying accounting transactions

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Presentation Transcript
the gl company presents

The GL CompanyPresents

7 Steps to Financial Integrity

Presented by:

James Taylor

Account Manager

The GL Company Australasia

financial integrity
Financial Integrity
  • Ensuring that financial information accurately reflects the underlying accounting transactions
  • … and that the accuracy of the information can be easily verified
who cares about financial integrity
Who cares about Financial Integrity?
  • Who doesn’t?
  • Legal requirement to accurately report financials
  • Organisations need relevant, reliable, timely financial information in order to operate effectively, to:
    • Control costs
    • Review revenue
    • Ensure on-going financial viability
slide4
Two Words…..

Month End

Does it Send shivers down your spine????

challenges in achieving financial integrity
Challenges in achieving Financial Integrity
  • Time pressure
  • Difficult reporting, reconcilliation & validation processes
  • Imperfect toolsets
    • ERP Inquiry Screens & Report Writers
    • Spreadsheets
    • Business Intelligence & 3rd Party Reporting tools
erp inquiry screens report writers
ERP inquiry screens & report writers
  • Run directly against ERP system – good!
  • Inquiry screens very limited & inflexible
  • Report writers are technical IT tools
  • No financial transparency in reports: hard-coded, static, no drill down
  • Difficult & time-consuming to validate & reconcile reports
spreadsheets excel based solutions
Spreadsheets & Excel-based solutions

Spreadsheets provide a familiar interface for Accountants but compromise financial integrity:

  • 95% of spreadsheets contain at least 1 error (KPMG white paper)
  • Results can be manually adjusted - no audit trail on what’s changed
  • Can easily be proliferated without security both internally & externally
  • Many local copies are created, which is the correct version?
  • Difficult to manage if the person who wrote them leaves
  • No Control System. Who publishes what and when?
  • Financial Integrity nightmare
business intelligence bi
Business Intelligence (BI)

Useful for post-month end management reporting but does not necessarily provide Financial Integrity:

  • Complex Meta Data / End User Layers (EUL) require

setup & on-going maintenance

  • Limited financial transparency, difficult to reconcile
  • Data often exported to separate database:

reports do not run over core accounting data

  • Fixed set of reports - new requests require specification, development (modification of Meta Data); a technical process prone to error
what s needed
What’s needed
  • Safe, secure, ad-hoc inquiry & reporting for accountants
  • Real Time – post a journal, see the results immediately
  • Pre-configured for the ERP system: meta data is built-in
  • No staging – runs directly against core accounting system
  • Financial transparency – drill to details & transactions
  • Used by Accountants, not IT
  • FAST – relieves time pressure at month end
7 steps to financial integrity
7 Steps to Financial Integrity
  • Direct Inquiry
  • Interactive Trial Balance
  • Financial Transparency through drill down
  • Audit Unposted Batches
  • Review Currency Translation
  • Validate Financial Statement Lines
  • Analyse Results against Multiple Budgets
step 1 direct inquiry
Step 1: Direct Inquiry

Inquire directly over the Balance & Journals tables, not through a view, or against a data extract. Post a journal & see the results immediately.

step 2 interactive trial balance
Step 2: Interactive Trial Balance

Analyze Trial Balances & multiple accounts across segments in summary or detail for multiple periods on a single screen.

step 3 financial transparency
Step 3: Financial Transparency

Drill from consolidated account balances, to transactions to sub ledgers to quickly investigate issues.

step 4 unposted batches
Step 4: Unposted Batches

Reconcile between journals & financial statement balances and investigate any unposted batches.

step 5 currency translations
Step 5: Currency Translations

Review base and translated currency summaries with drill to Entered & Accounted journal amounts.

step 6 validate financial statements
Step 6: Validate Financial Statements

Identify any accounts missing from financial reporting lines by validating parent account rollups, summary accounts or selecting totals for ranges.

step 7 actuals v budgets
Step 7: Actuals ‘v’ Budgets

Analyze financial results against multiple budget versions simultaneously.

the 7 steps
The 7 steps:
  • Step 1: Direct Inquiry – Post a journal and see the results immediately
  • Step 2: Interactive Trial Balance - Analyse accounts across segments, consolidated or detailed
  • Step 3: Financial Transparency - Drill from balances to transactions, sub ledgers, journal entries
  • Step 4: Unposted batches – Investigate unposted batch errors
  • Step 5: Currency Conversions and Translations – Review base and translated currency summaries
  • Step 6: Validate Financial Statement Consolidation Lines – Identify any accounts missing from financial reporting lines by validating parent account rollups and summary accounts
  • Step 7: Analyse Actuals Against Multiple Budgetversions
  • At the completion of the 7 steps, financial reports can be published in confidence, with their financial integrity intact
slide20
Really Real Time Inquiry Suite
  • Easy interface to audit the data in the Oracle General Ledger
  • Pre-configured ad-hoc inquiry & reporting for Accountants
  • Can be used to validate or replace FSGs
  • Secure environment used by Accountants but controlled by IT
slide22
Really Real Time Inquiry Suite for Oracle

Are you involved in Month End or Project Accounting?

We can help make your life easier

www.TheGLCompany.com

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